Young Renters Want to Own, But Have Concerns

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Young Renters Want to Own, But Have Concerns

• Fannie Maes new National Housing Survey finds
  that most younger renters think owning is a more
  sensible housing choice for financial reasons.
  Seventy-six percent of young renters, defined in
  this study as between 18 and 39, think owning
  makes more sense because theyre protected
  against rent increases, and owning can be a good
  investment over the long-term.
• However, a large majority of young renters remain
  pessimistic about their ability to get a
  mortgage in contrast, younger owners have grown
  more optimistic, according to Sarah Shahdad,
  strategic planning analyst at Fannie Mae. She
  says, Demographic differences between younger
  renters and younger owners may explain part of
  the gap in attitudes.
• Younger owners are more likely to fall in the
  higher end of the age range, earn more, and be
  employed full-time compared with younger renters,
  says Shahdad. The widening of that same gap
  during the last few years suggests that
  confidence in ones ability to get a mortgage is
  growing primarily among those who have already
  met financial requirements, she notes. Our
  results suggest that many young renters may
  continue to rent longer due to insufficient
  financial capability and/or preparation, despite
  the majoritys preference for owning.
• Young renters consider down payments and credit
  scores to be the top obstacles to getting a
  mortgage. The complete survey is available here
  http//bit.ly/1g1XV1A.

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Weekly HAR Market Stat

• Market normalization and an improved product mix
  is presented as housing weakness by some.
  However, price increases, demand and an improving
  national economic scene paint a brighter housing
  landscape. According to the Mortgage Bankers
  Association, total week-over-week mortgage
  application volume rose 5.3 percent on a
  seasonally adjusted basis. The trends for the
  drivers of new housing starts are as important as
  the trends within residential real estate. Where
  you find money and jobs, you find a fruitful
  housing market.
• In the Houston region, for the week ending May 4
• New Listings decreased 5.6 to 2,627
• Pending Sales increased 20.3 to 2,337
• Closed Sales increased 1.5 to 2,147

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Open Your Mind to Learning
Winning in Any Market Working With Multiple
Offers This interactive course provides
REALTORS with the tools and techniques to win in
the rapidly changing Texas real estate market.
The course will cover discussions about what is
happening in our market, how to educate clients
to the changes, dealing with current inventory
levels, and pricing property in this flash
market. It will also cover writing offers, how to
advise clients what sellers are expecting, how to
act quickly enough to get your offer in, how to
win the property for clients. In presenting
offers, listing agents will learn what is an
appropriate time to collect offers, rules about
disclosure of multiple offers, disclosure of
other offer terms, and working with sellers to
decide. In responding to offers, best business
practices for negotiating will be covered,
identifying the negotiation style of the coop
agent, accepting and rejecting offers, buyer
withdrawal and conveying non-acceptance to
buyers. Finally, the course offers information
about what the Code of Ethics says about working
with multiple offers and how to comply. Date
Tuesday, May 13 Time 1 4
p.m. Location HAR Central Investment
35

Questions? 713-629-1900 ext. 6
Register at www.har.com/edu